Macuquinas (Cobs) coins

Macuquinas or Cobs, are a crude style of hand hammered coins, struck in Spanish America. These coins are typically crudely made irregular shaped pieces, it is this style that makes them intriguing, along with the fact that they are lore from the Spanish conquest of America.

"The peninsular mints, Seville, Burgos, Granada, Segovia, Madrid, etc., used the same coining process that was exported to the Indies. It did not conform to regulations in regards to shape and uniformity of dies. In spite of official orders, the coins were made using a very defective and primitive coining technique; hand hammering, that shows imperfection in figures and legend. Poorly stamped and incomplete coins resulted from using shallow dies and irregular punches."
Burzio, Humberto F. "Diccionario De La Moneda Hispanoamericana".

Coins used during the Spanish Conquest of America

The coinage in Europe at the end of the middle ages was a two tier system, gold and silver. The gold money issued throughout Europe was generally of high purity, the same can not be said of the silver money. For the most part the silver money was debased with copper, progressively so until the silver content was so small that the money was essentially copper. From time to time there were reforms to restore the integrity of the coinage, but debasement would soon start anew. During the late middle ages, coins were produced at numerous small mints, by anyone strong enough to have control of their own region. An area the size of a typical US county might have had several operating mints. Most coins were nominally silver and quite small in size, about the size of a US dime, except thinner than a dime.
Spain held tight control of access to her New World colonies, as a result, the predominant money in use was Spanish.

Ferdinand and Elizabeth coinage

Ferdinand and Elizabeth continued the consolidation of the Iberian peninsula, forging the Spanish peoples into a nation. For numismatists, their pragmatica of Medina del Campo in 1497 is of great significance, as this established a national standard for weight and for design of money. Little did they know that this new standard of theirs would last for centuries, and is the base from which the US dollar would emerge, today the universal standard for the world.

Spanish half real of Ferdinand and Isabella

Charles and Joanna coins

As a result of the tremendous treasure exploited in the New World, Spain began to produce multiple size real coins, in the denominations of 2, 4 and 8 reales. In 1535 Queen Joanna authorized the building of a mint in Mexico, coins were first produced in January 1536. Here is a group of coins from the Mexico city mint. These are not considered cobs by numismatists, because they were made from sheets of metal instead of bars of metal. Think of them as forerunners of cobs. These are known as Charles & Joanna coins and are very popular among collectors.

"Charles and Joanna" coins

Mexico produced 1/4, 1/2, 1, 2 and 3 real pieces of silver, and some copper coins. The 3 reales was a short lived issue because it was easily confused with the 2 reales. The 3 reales was replaced with a 4 reales and is the largest Charles and Joanna type from Mexico. (One 8 real is reported).

Cob coinage in Spanish America

Mexico

Cob coinage continued in Spanish America until 1773, just 3 years before the American Revolution. There were Spanish mints in Mexico, Santo Domingo, Lima, Potosi, Santa Fe, Cartagena, La Plata and Panama. By far the most important of these were Mexico and Potosi. The Mexico City mint has been in continuous operation since its founding in 1535.
There are two major types of cobs, the "Shield" type and the "Cross - Pillars" type. Mexico used only the shield design on their coins, whereas Cartagena, Santa Fe, Potosi and Lima use both.

Spanish coins are traditionally cataloged according to the ruler, the side of the coin that shows the king's name is considered the obverse. This is an 8 real's of Philip III, his ordinal is visible at 6 o'clock on the obverse.

Mexico 8 real's

The distinctive cross design easily identifies this coin as Mexico. The cross has a lily flower at each end, though this looks more like a canon ball. Mexico maintained this basic design until switching to milled coinage in 1732.

Peru - First silver dollar of the Americas

Lima 8 reales of Philip II

Assayer Alonso Rincón, mint mark P for Peru. Struck between December 1568 and January 1569. Seven pieces known, very important and highly sought after. Pieces have sold in the $30,000 to $100,000 range.

Assayer Diego de la Torre produced the finest cobs to come from the Lima mint. The coins are generally round, well designed and well struck. The denomination is expressed as Roman numerals and Arabic numerals, assayer mark is known on both the left and the right side. The star is a mint mark for Lima, as the city was founded on the 12th day of Epiphany, January 6th (1535). That is day the Magi presented their gifts to infant Jesus. Lima is known as the city of the kings for this reason.

The Lima mint had closed in 1588. For a brief period in 1659 and 1660 the mint reopened, but without Royal permission. Once King Philip IV found out about it, he ordered its immediate closure. The mint remained closed until 1683 with coinage resuming in 1684.

Star of Lima 8 reales

This type has the pillars of Hercules and ocean waves design, as ordered by the king in 1650 for South American mints. The Star of Lima issue has several varieties, the variety here has no date and "PLVS ULTRA" in the center, 2 pieces known. The total of known pieces including all varieties is 40-50.

Lima 8 reales Pillars and Waves

Pillars and Waves style Lima cob. This type coin is characterized by thick chunky planchets. On the reverse side of the coin, beneath the date and pillars are the ocean waves, notice that the ocean waves go down in the center, this is typical for Lima cobs and is a key diagnostic to distinguish between Lima and Potosi. On Potosi cobs, generally the waves go up in the center. Mint mark L, assayer H. The king's ordinal, V, can be seen on the obverse at 5 o'clock. (Philip V)

Potosi, Bolivia

Potosi 8 reales Shield Type

In the early part of the 17th century, Potosi was the most prolific of the American mints. Thousands of such coins were recovered from the 1622 shipwreck of the Atocha. The famous Potosi mint scandal put an end to this design for new world mints, except Mexico, whose design was distinctively different and whose integrity was not called into question.

Potosi 8 reales Pillars and Waves

Cross-Columns" style Potosi cob. The quality of the Potosi cobs declined over the entire span of production, this is a superior quality example for this late date. The date is 1733 with the 1 implied, (1)733. Mint mark is P, assayer mark is Y A.

Santa Fe, New Mexico

Santa Fe 8 reales Shield Type

Philip IIII, very rare 8 Reales of Santa Fé de Bogotá, (Colombia) with a partial date of 1628. The mint mark is NR and the assayer on this piece is P, located on the obverse, left of the shield. This style began in 1627 and continued until 1650, though only a few dates are known. The reported date of 1625 is a mis-attribution. There is an earlier style dated 1622.

Santa Fe 8 reales Pillars and Waves

Charles II, very rare 8 reales of Santa Fé de Bogotá, (Colombia) dated 1690. The pillars and waves style began in 1651 and continued until 1756, the final date known is 1742. This is one of 3 pieces known dated 1690.
This design varied among the mints of South America. The obverse has: Arms of Castille in a cross or shield format. The reverse has pillars of Hercules and ocean waves.

"Royals" coins

The Spanish American mints occasionally produced some specially made cob coins of highest quality. These are called "Redondos" in Spanish which means round ones. In some recently uncovered mint archives of Potosi these are called "Galanos", which means elegant ones. But the name "Royals" seems to stick even though their is no evidence to support calling them such.

Mexico 8 reales "royal". No date (circa 1607)

F (Francisco de los Cobos or Esteban Franco). 26.6 gr.Of highest rarity, less than 3 or 4 known.

Potosi 8 reales "royal". 1680

V (Pedro Villar). 26.59 gramms. Huge 46mm. Unusually nice. Very rare.